Binance has taken yet another hit after one of its major payment partners, Clear Junction, announced they would be suspending both pound and euro payments on behalf of Binance.
The world’s largest crypto exchange, Binance, has just lost another alley after the Financial Conduct Authority’s (FCA) latest warning. Clear Junction, a global payment solution provider and one of Binance’s more important partners in Europe, has confirmed it will no longer facilitate either pound or euro payments to Binance. This according to a post on Twitter by Adam Sampson.
Clear Junction made the call after the FCA once again announced that Binance lacks the required licenses to operate in the United Kingdom. The FCA paperwork also warned would-be investors from working with Binance, suggesting people should find a different place to put their money.
Clear Junction allowed Binance to utilize deposits from both the Single Euro Payments Area (SEPA) along with the U.K.’s Faster Payments Service (FPS). Binance announced last week that for reasons beyond its control, SEPA payments would be halted. Binance has also suspended Faster Payments withdrawals now that their time with Clear Junction has come to an end.
More bad news for Binance
The news of Clear Junction taking a step back from the world’s largest crypto exchange is just the latest in a long line of bad news for Binance. Just last week, both Santander UK and Barclays announced they would be blocking any and all payments to Binance originating from their banks. This, like the Clear Junction decision, was in response to the FCA warning pertaining to Binance Market Limited.
Santander UK, England’s branch of the Spanish bank, stated that “keeping our customers safe is a top priority, so we have decided to prevent payments to Binance following the FCA’s warning to consumers.” Meanwhile, a statement from Barclays’ plainly states, “The decision has been taken following the FCA warning to consumers.” Barclays clarified that users will be able to withdraw funds and the ban only applies to debit and credit payments to Binance. “This action does not impact on the ability for customers to withdraw funds from Binance.”
Despite the increased negative attention, warning, and companies who are distancing themselves from Binance, the exchange maintains they are following protocol. The company claims the accusations by the FCA are “categorically untrue,” and that “that it lacks the sufficient compliance capacity.” The statement went on to read that Binance takes their legal obligations very seriously and was disappointed that Barclays and Santander UK “have taken unilateral action.” Binance hopes that an open dialogue between the former collaborates to discuss concerns can be conducted.